BTCUSD Seems Unable to Escape from Tight Range


BTCUSD (Bitcoin) declined shortly after its advance paused at the 48 350 region. However, the largest cryptocurrency by market capitalization traded sideways in the past few sessions, with its technical picture providing mixed signals.

The short-term oscillators suggest a cautiously positive short-term outlook. Specifically, the MACD histogram jumped above its red signal line but remains in the negative region, while the rise of the RSI failed to cross beyond the 50-neutral mark.

If positive momentum intensifies, the price could rise to the 50-day simple moving average (SMA), currently at 42,000. A successful break over this region would turn attention to the 45,800 barrier before the 2022 peak of 48,350 appears on the radar. Higher, the bulls could target the December resistance zone of 52,000.

Alternatively, if negative pressure appears, the critical support region of 37,500 could be the starting point of support. Diving below this region, the February low of 34,500 may halt further declines. Failing to stop there, the price could drop to a 2022 low of 32,950.

Overall, BTCUSD has been intermittent in the last two weeks, appearing unable to adopt a clear direction. Therefore, a break above the 42,000 region could spark further buying interest, while a dip below 37,500 would signal the resumption of the short-term decline of the cryptocurrency.




Please enter your comment!
Please enter your name here